Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Diabetes Monitor Market is expected to reach USD 13.68 Billion by 2032 at a CAGR of 7.8% during the forecast period 2023-2032. A combination of factors influences the market for Diabetes Monitor as it grows and evolves. One of its main drivers is the rising worldwide prevalence of diabetes mellitus. The increase in people with diabetes globally has increased the demand for advanced monitoring solutions to manage it more effectively than was previously possible. Technological advancements are leading in reshaping the market for diabetes monitors. Continuous glucose monitoring technology has been innovatively developed over the years to improve accuracy and convenience through sensors, wearable devices, and smart insulin delivery technologies, which have made continuous blood glucose monitoring simpler. As a result, patients can track their blood sugar levels with their phones and share data with their healthcare professionals due to better connectivity features that have helped organize this process.
Regulatory concerns are central to the Diabetes Monitor market. Device manufacturers need to meet regulatory standards and obtain respective approvals in order to ensure the safety and dependability of these devices. Market dynamics are also influenced by an emphasis on preventive healthcare services as well as self-care practices. As health consumers increasingly take ownership of their situations, they will want user-friendly, accessible Diabetes Monitors. Patient-centered care that considers patients' preferences has shifted away from traditional disease-based approaches towards more individualized care. Diabetes Monitor is driven by economic factors such as levels of healthcare spending reimbursement policies, among others. Affordability and accessibility are critical when considering the widespread deployment of such monitors across diabetic communities.
There are regional variations within this space because different places have different challenges with respect to managing diabetes. The prevalence of diabetes varies geographically along with healthcare infrastructure, laws, and regulations, all determining the specific type of monitoring device needed. Competitive forces shape innovation and expansion within the diabetes monitor segment in particular. Key players' presence, strategic partnerships or alliances formed, and market share ratios are the factors that determine a product's development and commercialization strategies. Research and development in diabetes monitoring technologies lead to improved market standards. Moreover, awareness and education remain key drivers of growth. As people with diabetes become more educated about continuous glucose monitoring systems, there is an increased level of demand as they understand the benefits of these products in managing their condition.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 7.8% (2023-2032 |
Diabetes Monitors Market Highlights:
Diabetes Monitors Market Overview
The Diabetes Monitors Market is projected to reach USD 13.68 Billion by 2032 at 7.8% CAGR during the forecast period 2023-2032. Diabetes mellitus is a chronic disease resulting from an inadequacy of insulin in the body. The condition triggers elevated blood-glucose concentrations. As a result, glucose level monitoring is done regularly to prolong life expectancy by effectively managing diabetes.
COVID-19 Analysis
Diabetes is a commonly related factor related to mortality and seriousness of the coronavirus disease infection. The need for diabetes patients to shield themselves against infection, especially health care workers in great danger of COVID-19, is critical to the safe handling of the pandemic's effect. As it has been proven that patients with diabetes are at risk of severe disease, it has been deemed essential to uphold strict glycemic control concurrently with COVID-19 treatment to improve results. The present epidemic of COVID-19 has permitted the latest technologies to manage high-risk patients with diabetes through telehealth and benefit those patients. Furthermore, shielding health care workers at high risk of COVID-19 is critical as they are the key to the pandemic's overall handling.
It was on March 2024 when the Food and Drug Administration (FDA) of the United States approved the sale of over-the-counter continuous glucose monitor (CGM).
In February 2024, Dexcom Inc. introduced its newest CGM system called the Dexcom ONE+.
Exactly in October 2023, Dexcom’s next-generation Continuous Glucose Monitoring System for type-1 diabetes patients was authorized by the Canadian government.
In August 2023, ACON Laboratories, Inc., an American firm headquartered here, announced the availability of the On Call® MultiPro System designed for point-of-care testing in healthcare facilities, providing quick and correct outcomes, support to multiple languages, as well as various connection options.
A homegrown CGM device that received sanctioning from South Korean Ministry of Food and Drug Safety in June 2023 is acknowledged to be CareSens Air, which is produced by I-SENS Co., Ltd., a manufacturer of blood glucose devices; it claimed itself be the smallest one among all such products available in Korea. Also, it can work non-stop within two weeks with calibration to improve its accuracy.
Diabetes Monitors Market Trends
Drivers
Increasing Prevalence and Incidence Of Diabetes Mellitus
The uptick in detection rates of diabetes has raised the requirement for continuous monitoring in some cases, which is predicted to benefit the diabetes monitor market.
Rise In Technological Innovations
The accelerated pace of innovation in medical devices is estimated to be seen in diabetes monitoring devices, thus enhancing the overall diabetes monitor market stake.
Research Funding In Diabetes Diagnosis And Treatment
The augmented flow of funds into the research of diabetes is estimated to bolster the diabetes monitor market in the coming period.
Rising Awareness And Screening For Diabetes Mellitus
Better diagnostic tools have increased detection rates, consequently leading to better awareness of diabetes and its complications.
Opportunities
Technologically Advanced Products
The cutting edge developments in diabetes monitors with the inclusion of sensors is estimated to promote the diabetes monitor market in the upcoming years.
Challenges
Stringent Reimbursement and Insurance Policies In Developing Nations
The strict reimbursement protocols instated in certain regions may restrict the diabetes monitor market growth in the forecast period.
Diabetes Monitors Market Segment Insights
Diabetes Monitors Sample Insights
The blood sample segment is anticipated to control the most extensive market part of 75.70% in the review period, and it is also expected to develop at the speediest CAGR of 8.6%
Diabetes Monitors Type Insights
The continuous glucose monitors segment is appraised to expand at the top spot in the segment through the forecast period.
Diabetes Monitors Components Insights
The sensors segments are estimated to gain the forecast period's chief stake.
Diabetes Monitors End-Users Insights
The hospital segment is forecasted to lead the forecast period's overall segment.
Diabetes Monitors Market Regional Analysis
Americas Region To Power Ahead
The Americas dominate the diabetes monitors market due to the patient population, sophisticated technology, high healthcare spending, and the important players' existence in the region. Due to the condition's high occurrence, private organizations, companies, and government associations are actively improving diabetes care in the region.
Technology To Fortify The European Region's Market
The European regional market holds the following place in the diabetes monitors market. It is anticipated that the government organizations' support for research & advancement, along with high-tech technology, is driving the market in the European region.
APAC To Capitalize On Cost-Effective Solutions
The Asia Pacific diabetes monitor market in the region is the fastest rising throughout the forecast period. A collective need for rapidly advancing technology, lucrative glucose monitoring devices, and a huge patient pool drive this market's growth in the Asia Pacific.
Diabetes Monitors Market Competitive Landscape
The promising contenders in the Diabetes Monitor Market are
- Panasonic
- Abbott Laboratories
- Dexcom, Inc.
- Hoffmann-La Roche Ltd
- Medtronic,
- LifeScan, Inc.
- Sanofi
Recent Developments
A Japanese startup claims to have resolved one of the chief medical technology problems of noninvasive continuous glucose monitoring. Quantum Operation Inc has revealed that its model wearable can precisely measure blood sugar from the wrist. The prototype stuffs in a small spectrometer to scan the blood to measure glucose. Quantum's pitch adds that the watch can deliver other vital signs, including ECG and heart rate. The wearer needs to slide the watch on and start the menu's monitoring, and after around 20 seconds, the data is presented.
According to reports, Apple Watch Series 7 plans to check blood glucose through optical sensors. It will exploit a no-blood sampling method that perceives glucose levels in the blood using an optical sensor. Apple has attained a patent on blood glucose monitoring. The company is dedicated to guaranteeing technical reliability and constancy before commercializing the product. The industry believes that Apple's optical sensor can realize continuous monitoring without an implant.
California has proposed presenting USD 12 million to expand coverage of constant glucose monitors (CGMs). The 2021-22 budget tender is intended to increase access to CGMs among adults with Type 1 diabetes who are protected by California's Medicaid program Medi-Cal. Dexcom, Medtronic, Abbott, and Senseonics contend for the U.S. CGM market. The trade group AdvaMed hailed the proposal, arguing it will decrease overall healthcare charges, and called on other states to take comparable steps to ensure access to CGMs.
Teladoc Health will unveil a pilot demo of Dexcom's wearable, continuous glucose monitoring systems in patients with Type 2 diabetes, picking up the torch from the device maker's collaboration with Livongo following its USD 18.5 billion purchase last year. The project will start by providing the blood sugar sensors at no cost to specific members of Teladoc and Livongo's diabetes program before increasing the pilot's reach in the year. The goal is to progress consequences and healthy glucose levels among people with Type 2 diabetes by delivering them with the same real-time recommendations for lifestyle decisions, isual data, and personal inclinations offered to individuals with Type 1 diabetes.
A computer vision technology advanced by University of Cambridge engineers has now been created into a free mobile phone app for consistent monitoring of glucose levels in people with diabetes. The app uses computer vision methods to read and record the glucose levels, date, and time displayed on a typical glucose test via a mobile phone camera. The technology, which doesn't necessitate an internet or Bluetooth connection, works for any glucose meter, any alignment, and many light levels.
Medtronic has stated its intention to acquire insulin pen manufacturer Companion Medical for an unspecified amount. Companion Medical's product portfolio comprises the InPen FDA-cleared smart insulin pen system combined with an integrated diabetes management app on the diabetes monitors market. It is intended to aid in calculating insulin doses, trace active insulin, and send reports to caregivers and is obtainable in the U.S. by prescription only. The InPen adds to Medtronic's diabetes range of the MiniMed insulin pump, Guardian CGM, and more.
Diabetes Monitors Market Segmentation
Diabetes Monitors Samples Outlook
- Blood Samples
- Sweat Samples
- Urine Samples
Diabetes Monitors Type Outlook
- Point Sample Test-Based Glucose Monitors
- Continuous Glucose Monitors
- Enzyme Free Sensor-Based Glucose Monitors
Diabetes Monitors Component Outlook
- Lancet
- Glucose test strips
- Sensors
Diabetes Monitors End-User Outlook
- Diagnostic Clinics
- Hospitals
- Home
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
